Philip Elmer-DeWitt has published note from Morgan Stanley analyst Katy Huberty which reports that Apple has switched 2 million units of production from the weak-selling iPhone 12 mini to heavily-in-demand iPhone 12 Pro.
We continue to believe that the iPhone will outperform expectations in the December quarter, as the mix shift to higher-end iPhone 12 models is a tailwind to ASPs and revenue growth. iPhone 12 Pro lead times remain extended far beyond any model launched in the past 4 years at 10 days. Lead times decreased from 22 days ~2 weeks ago as Apple ramps iPhone 12 production signaled by our iPhone supply chain team, led by Sharon Shih, recently raising March quarter iPhone 12 Pro builds by 2M units (which offset a 2M build reduction for the iPhone 12 mini).
In China, we believe lower end iPhone 12 models are performing better than in the US, and we estimate iPhone shipments grew ~47% Y/Y in the December quarter, according to data from the CAICT. Similarly, data from Jiguang shows that the iPhone gained over 50bps of smartphone installed base share in China (Y/Y) in the month of December, reaching a new 18 month high of 20.3% market share, driven in large part by adoption of the iPhone 12, which has captured the most iPhone installed base share of any iPhone launched in China over the past 4 years through the first full month after being launched.
MacDailyNews Take: A strong mix is good news for Apple’s iPhone ASP. Check out all of the charts in the full article here.